30-Mar-2016: Liquidators' Update, see Deloitte site

73 and no option but to carry on working

I am lady of 73, still working part time. I was born in the UK and lived there for 66 years.  I moved here to marry a Channel Islander, not to avoid tax.

Until Landsbanki Guernsey Ltd. went into Administration, I was hoping to retire very soon and concentrate on my voluntary work. I have nearly £50,000 at risk – a substantial part of my savings. I was not born with a silver spoon – I worked hard for all of it.

My father, an aircraft engineer, died suddenly when I was 17. My mother was partially-sighted, but although she was very intelligent she had to go out and get a menial job, as then most jobs for the sight-impaired were menial. For me, University was no longer an option: Mother and I needed all our earnings for basics. My plans to become a Vet disappeared overnight.

My first husband and I could not afford private education or University for our two children. When my grandchildren were born I began to save to make sure that I could fund my three grandchildren (now between 16 and 22) to their full driving licences, and that I could make a major contribution to their University education or proper vocational training. One child is very talented and will be at least 4 years at University. Another is not as talented and is in need of extra help to navigate our complex world. They all work hard at their studies. At the time that I committed to the above financial backing for my grandchildren, I was totally confident that I had sufficient savings to fulfil those commitments. I did not invest in anything where the interest rates looked so high as to be risky. I recall Landsbanki Guernsey was 5.85%. I am not a greedy person. However, with my £50,000 (or much of it), I think I probably may now have bought some greedy banker a Ferrari instead of giving my grandchildren a good start in life to benefit not only them but my great-grandchildren. At least, at nearly 74, I still have a job. I now see no option but to carry on working, but it would take me more years than I have left to replace £50,000.

Many depositors are too old (or maybe too infirm) to go out and get a job, and are totally unable to improve their situation or to meet their commitments, even for food and fuel, let alone helping the next generation. Many are not only Channel Islands Taxpayers but also UK Taxpayers. I think it is a disgrace that we have been ‘dumped’ by the UK Government, but even more of a disgrace that Guernsey will not take responsibility for their bad regulation of the finance industry. I think the GFSC review was a bad joke. It is worrying that so many people I know in the UK (several from the finance industry in London) are either pulling their money out of Guernsey or saying they will certainly not invest in the Channel Islands banks. As this will inevitably affect the funds available for social and other projects in the islands, this will be a “double-whammy” for Landsbanki Guernsey Ltd depositors who are also Channel Island residents.

Come on Guernsey – do the decent thing – The Channel Islands used to be trusted as a decent jurisdiction. Please try to restore that good reputation before it is too late.